HPE, also known as Hewlett Packard Enterprise, has released its financial results for the second quarter of the fiscal year 2024, ending in April. Total revenue increased by 3% from the same period in the previous year to $6.779 billion. The Annual Recurring Revenue (ARR) saw a significant growth of 37% to $1.5 billion, while the net profit according to GAAP accounting standards stood at $314 million.
Antonio Neri, the President and CEO of HPE, highlighted the company’s expertise in designing, manufacturing, and operating AI systems. This, coupled with the expanding AI market, led to a surge in system orders totaling $4.6 billion. Specifically, orders for AI systems from organizational customers increased by 15% from both HPE GreenLake and various infrastructure devices.
The server group’s revenue increased by 18% to $3.867 billion, while the Intelligent Edge group saw a decrease of 19% to $1.086 billion. The Hybrid Cloud group experienced an 8% decline to $1.256 billion, and the Financial Services group saw a 1% increase to $867 million.
TLDR: HPE reported a 3% increase in revenue, with a significant growth in Annual Recurring Revenue and a strong performance in server sales, despite declines in other business segments.
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